Enterprise Ireland, the government agency responsible for the development and growth of Irish companies in global markets, invested €24 million in Irish start-ups in 2019 and supported a total of 127 start-up companies. Investment was provided through Enterprise Ireland’s High Potential Start-Up (HPSU) and Competitive Start Fund (CSF) programmes.
600 delegates attended the recent Enterprise Ireland Start-Up Showcase in Croke Park including start-up businesses and investors. Start-ups supported by Enterprise Ireland in 2019 include:
- 91 High Potential Start-Up (HPSU) investments – start-up businesses with the potential to create 10 jobs and €1 million in sales within three to four years of starting up
- 36 Competitive Start Fund (CSF) investments, which inject critical early-stage funding into new businesses
- 42% of the companies supported are located outside of Dublin
- 38 women-led start-up companies were approved investment
- 13 HPSUs were successfully commercialised in partnership with 3rd level research institutions
- 16 additional HPSUs received follow-on investment funding as their businesses scaled.
Jennifer Melia, Manager, HPSU Division, Enterprise Ireland, said: “A strong start-up economy is absolutely vital to the future of Ireland. Start-ups are a powerful driver of economic growth, new talent and innovation. In Enterprise Ireland we are committed to helping founders to start and grow their business internationally. These founders are our future business leaders and their businesses the lifeblood of our economy.
“2019 was another successful year for Irish start-ups across a range of sectors including ICT, medtech, fintech, food and manufacturing. We also saw a strong performance by start-ups from outside of Dublin. Furthermore, 38 of the businesses supported were founded by women which supports Enterprise Ireland’s recently launched 2020 Action Plan for Women in Business, aiming to increase the participation of women in entrepreneurship and business leadership. The class of 2019 are great role models for new founders who have the determination and resilience required to get their enterprises up and running.”
The Formula for Start-Up Success
Enterprise Ireland has also launched a new campaign – ‘The Formula for Success’ – which aims to attract ambitious founders, the disruptors of the future and fast-growing export-led early stage companies, to apply for High Potential Start-Up supports. A HPSU is a fast growing, export focused company, often with a need for significant investment. The formula for success centres on matching a founder’s vision and ambition with Enterprise Ireland’s investment, expertise and network to help them succeed.
As part of the campaign Enterprise Ireland has also published its six-year roadmap to grow and nurture the start-ups of the future. The plan outlines four key objectives with 14 key actions to support the development of the next generation of Ireland’s business leaders and make Ireland a great location to start and scale export-led start-ups that will be required to drive the future economy. They include:
- Build a strong HPSU pipeline of ambitious and diverse company founders
- Support company founders to design and build fast-scaling businesses in the sectors and markets of the future
- Improve the environment for entrepreneurship
- Work smarter together through collaboration as ‘one Ireland team’
Jennifer Melia said: “The launch of the roadmap is timely when we consider the vast and rapid technological advancements that are taking place. Today everything is faster, more efficient, and more easily accessible. Disruptive technologies will significantly change the way that we work and live and we need to embrace the changes coming our way.
“This roadmap aims to meet these challenges and ensure we assist entrepreneurs to create strong and sustainable exporting businesses. This approach brings together and strengthens the financial and development supports, the sectoral and market intelligence and the connections to help entrepreneurs succeed – a formula for success to fulfil their potential in developing their business every step of the scaling journey.”
